BANK OF IRELAND, Enniscorthy, Wexford Y21PK06POA

Investment Property 480.29 m² / 5170 ft² For Sale EXEMPT

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Description

Bank of Ireland, Enniscorthy occupies a high profile location in the center of the town on Abbey Square and opposite the Post office. The locality provides for an extensive range of amenities and services. Neighbouring occupiers include €uroGIANT, Credit Union, & Post Office.

Enniscorthy could be described as a busy market town and the second-largest settlement in the county after Wexford Town and according to the last census 2016, the town has a population of 11,381 within the extended Enniscorthy rural hinterland (electroal area) encompassing some 35,801 persons.

It is situated on the River Slaney and the N11 Road (currently Dublin to Rosslare route) which bisects the town and the N30 connects the town to New Ross, and Waterford to the West. Enniscorthy also has a railway station, which is on the Dublin - Rosslare Line and an excellent national bus route service.

It is located approximately 24km NW of Wexford Town, 126km sought of Dublin and 40km NE of Waterford City.

Enniscorthy and hinterland is a strong arable farming business location. County Wexford and Enniscorthy in articular enjoys strong tourism annually, with recent hotel expansions completing to cater for demand.

Enniscorthy will benefit immensely from the recently opened extension of the M11 motorway, providing a bypass for Enniscorthy town relieving heavy traffic congestion on the Eastside, while also giving the town direct access to the motorway network reducing driving times to Dublin.

The town will also benefit from a Western relief road circumventing the town on the Westside linking the M11 motorway to the N30 New Ross route. Furthermore, the town will also benefit from the imminent work on the Enniscorthy town flood relief scheme.

Enniscorthy is a growing commercial hub set to benefit by the new infrastructure and with an exciting future due to Enniscorthy Technology Park, a new commercial development site of 15.5 hectares (38 acres) in close proximity to the town center. The business park is expected to deliver 100,000 sq. ft. of new modern office buildings, with construction due to start in 2020.

Opus Fund Services, an award-winning global fund administrator has announced its plan to open an office in Ireland, locating in Enniscorthy Technology Park and creating 100 jobs over five years.

The Property

The property comprises a three-storey detached building of traditional construction with a modern single-storey extension to the rear. A small car park is located to the side of the building providing staff and customers car parking.

Internally, the property comprises a bright open-plan banking hall, wiht offices finished with a modern sepecification. There are various original building features throughout. The upper floors provide for office accommodation.

Ground Floor 316.14 sqm / 3403 sq. ft. Banking Hall / Offices
First Floor 87.88 sqm / 946 sq. ft. Offices
Second Floor 76.27 sqm / 821 sq. ft. Offices / Stores

Total: 480.29 sqm / 5,170 sq.ft.


Tenancy

The subject property is let to The Governor & Company of the Bank of Ireland on a 25-year full repairing and insuring (FRD) Lease from the 1st of July, 2007 at a current rent of €124,074 per annum. The lease is subject to five yearly upward only rent reviews.

WAULT

The investment opportunity offers an attractive term certain of 11.8 years to expire.

Title

Freehold

Covenant

Bank of Ireland was established in 1783 and is a leading pillar bank in the Republic of Ireland. The bank group offers a diverse array of services including retail, insurance, corporate and commercial, and is one of the Country's largest employers with over 10,400 employees (Aug 2020). Bank of Ireland maintains an extremely strong domestic market position as predominant retail and commercial banking institution in Ireland with its shares listed on the main markets of the Irish Stock Exchange and the London Stock Exchange.

New lending of 5.8bn in H1 2020
A strong capital position with fully loaded Common
Equity Tier 1 (CET 1 ratio) of 13.6%
(comfortable in excess of the 13% guidance for minimum capital requirements)
Cost reduction of c.€27m (3%) in H1 2020 vs H1 2019

Irish Investment Market

The Irish economy comes off a backdrop of several years of sustainable growth coupled with record levels of commercial real estate investment transactions until the global pandemic impacted Irish society. As anticipated, the market is adapting to the new reality with the demand for secure long income investment properties.

Planning

The property is located within an area zoned "Town Center" in the Enniscorthy Town & Environs Local Area Plan 2008 - 2014. It is also listed as a protected structure.

BER Details

BER: Exempt

Directions

Located opposite the main Post office and Credit Union, at the Abbey Square Roundabout - Postcode: Y21PK06

Viewing Details

Strictly by appointment from joint sales agents.

Barty O'Connor DNG O'Connor & O'Connor Main Street, Bunclody, Co. Wexford 053 9377147

Damien McCaffrey, BNP Paribas Real Estate Ireland, 20 Merrion Rd., Ballsbridge D4 01 6611233

Documents

Brochure